Soybean futures (June) will probably plunge further towards 3600-3580 levels
The
market participants are cautious and keeping a watch on the progress of monsoon
as well as the notion of the farmers to sow soybean this season. In the latest
update, monsoon season rainfall for country as a whole is likely to be 96% of Long
Period Average. The rains are likely at 94% of LPA over North West India; 100%
over Central India, 97% over South Peninsula & 91% over Northeast. On CBOT,
U.S. soybean futures are on a track to witness further gains on account of planting
delays in the U.S. Midwest and expectations of sharp cutback in acreage as well as
harvest yields. Soy oil futures (June) might witness some retracement towards 748
levels. The government plans to check duty-free, cheaper imports of edible oils
through Nepal, to safeguard interests of the domestic refining industry and oilseed
farmers. The overall trend of CPO futures is down owing to weakness prevailing in
the Malaysian palm oil prices. In recent news, Poland is against the European
Union’s (EU) proposed plan to ban the use of palm oil as a component of biofuels.
Overall, the June contract might descend towards 510-508 levels. Mustard futures
(June) is expected to trade on a strong foot & might take support near 3895-3880
levels. The Solvent Extractors' Association of India has urged the government to
allow export of mustard oil in bulk, in line with overseas sales of other edible oils.
The US, West Asia, England, Nepal, Canada and Bhutan are top consumers of
Indian mustard oil
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